APOORVA GAURAV (ARTICLE) (33 Points)
06 March 2013If a Private limited company can further issue equity shares of Rs 1 lac (i.e Authorised - Issued = 1 Lac)
and has Rs 97 LAcs as Share application money pending allotment including some amounts form sister concerns
does this case attracts any tax implications ??????
Abhisek Rungta
(PRACTISING CHARTERED ACCOUNTANT)
(234 Points)
Replied 06 March 2013
In Budget 2012-13 , a clause was introduced for Closely Held Companies if the share value is issued more than fair market value or unsatisfactory explanation is given to Revenue Authorities, then the excess value will be chargeable in hands of receipent. Refer Section 56 (2) (vii b)
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